India-based payment processor Financial Software and Systems (FSS) has added new capabilities to its Prepaid Card Management System (Prepaid CMS) for better cardholder experience.
Using Prepaid CMS, card issuers can now offer card and app-based merchant wallets with added value services such as instant lending facility at point of purchase.
Customers can opt for a physical or virtual prepaid card at participating merchant locations.
These cards will be loaded with the amount of balance needed for their purchase.
Cardholders can also get access to exclusive offers and sales.
They can also opt for an additional instant loan facility while shopping at a different merchant location.
The loan amount is for a particular purpose and the issuers can monitor and control the spending limits at each merchant location.
FSS Deputy CPO N. Sathish said: “By opening the FSS Prepaid CMS platform to third party merchants, we allow card issuers orchestrate an extensive digital services ecosystem, multiplying opportunities for engagement and value creation.
“The combinations of co-branded merchant wallets with added value services such as instant lending at checkout will help issuers build a satisfied and loyal base of the prepaid cardholder and improve spend per card.”
FSS Prepaid CMS leverages its API framework and enables issuers to expand their offerings and generate new revenue streams.
The platform supports a host of capabilities through entire card lifecycle and enables the speedy launch of customer-centric card programmes.
Prepaid CMS currently supports 150 million cards globally.